NEW YORK CITY — Ann Sacks, a provider of tile, mosaic and stone products, will open a 20,000-square-foot studio and showroom in Queens. The retailer plans to debut its new space at The Cardinal Building, which is located in the Long Island City area, in about six months. James Ferrigno of JLL represented the landlord, a partnership between Kaufman Organization and True North, in the lease negotiations. Tyler Clutts of Cresa represented Ann Sacks.
NEW YORK CITY — Law firm Polsinelli PC has signed a 13,129-square-foot office lease expansion at 600 Third Avenue, a 575,254-square-foot building in Manhattan. The tenant, which also extended its lease by 10 years to run through 2036, now occupies 52,516 square feet across the entire 33rd, 40th, 41st and 42nd floors. David Berkey internally represented the landlord, L&L Holding Co., in the lease negotiations. Kevin McLennan, Ian Murphy and Silvio Petriello of CBRE represented Polsinelli PC.
By Andy Gutman, Farbman Group It’s no secret that the last few years have been a turbulent time for the office market nationally. While Detroit has fared somewhat better than some other cities across the Midwest, the same pandemic (and now post-pandemic) pressures have led to a higher-than-usual degree of uncertainty and volatility. Here in the early part of 2023, it’s a good time to take a step back and look at how the Detroit office landscape is changing, how it’s not changing and what might be in store throughout the rest of the year — and beyond. This is a unique time because there’s still a tremendous amount of uncertainty to factor into the commercial real estate market in general, and into office specifically. There are a lot of brands and businesses who either have not made up their mind about their office structure and needs going forward, or are still in an experimental post-pandemic period where they are trying to figure out the balance that works for them in terms of remote or hybrid work options and brick-and-mortar configurations. Until more of that uncertainty is resolved, a clear picture of the medium- and long-term prospects for the office …
FRANKLIN, TENN. — A joint venture between locally based developers Chartwell Hospitality and Southstar has broken ground on Aureum, a $500 million mixed-use development located in the Nashville suburb of Franklin. Situated in the city’s Cool Springs district, the 22-acre development will feature residences, shops, restaurants, entertainment venues, offices and two hotels, as well as five acres of open space featuring parks and trails. “We are the first to market with an all-in-one entertainment, hospitality and residential community that hasn’t been seen before in this area,” says Rob Schaedle, president of Chartwell Cos. “Studies done by the city predict Cool Springs will be the gateway to a popular and highly accessible submarket of Franklin, and we expect Aureum to be a popular choice for residents.” Aureum, which is Latin for “golden,” was originally announced in summer 2019. No construction timeline was given for the development, which will be completed in phases. Aureum will be situated at the southwest corner of Carothers Parkway and McEwen Drive, a site the co-developers are calling the “golden corner” of Cool Springs. The vertically integrated mixed-use project will reach 12 stories and contain housing, commercial office space and entertainment venues. Phase I will feature 355 …
The self-storage sector has historically been considered resilient and recession-resistant. This year, key trends are already emerging that will contribute to the health and performance of this $80 billion industry. Despite risks of oversaturation in some urban markets, 2023 promises to be a strong year for self-storage investments. Shined-up facilities What started in early 2000s continues to today. Where decrepit, one-story metal buildings with chain-link fences were the standard, now high-caliber, well-designed and polished facilities dot the landscape. Today, new development is almost exclusively Class A product. Intown and suburban communities demand it. And customers now expect professional lobbies with music and complimentary snacks and beverages, staffed by knowledgeable and skilled managers selling space that is clean, bright and secure. The once red-headed stepchild of commercial real estate is now the belle of the ball. The proof can be seen in the fervent attention from public REITs and private equity firms. Blackstone Real Estate Income Trust grabbed headlines in 2020 with its acquisition of Simply Self Storage for $1.2 billion. Smaller, yet just as notable, transactions also support increased valuation. In 2022, Space Shop Self Storage, one of the top 20 self-storage operators in the United State, sold two portfolios …
RALEIGH, N.C. — Trammell Crow Co. (TCC) has topped out 400H, a 365,000-square-foot mixed-use development located at 400 Hillsborough St. in downtown Raleigh. Set to open this summer, the project will include 150,000 square feet of Class A office space, 242 residential units and 16,000 square feet of ground-floor retail space. Amenities will include conference space and an outdoor terrace for office tenants, a shared fitness center and an outdoor swimming pool for residents. The development team includes TCC affiliate High Street Residential, AECOM-Canyon Partners and HM Partners. The design-build team includes architect Gensler and general contractor Barnhill Contracting Co. CBRE will oversee property management for 400H. John MacDonell and Mimi Portratz of JLL are handling office leasing, and John Koonce of York Properties is handling the retail leasing assignment.
MIAMI — Berkadia has arranged the $39.5 million sale of a one-acre, opportunity zone-designated site at 533 N.W. 2nd Ave in Miami, across from the Miami Central Brightline station. The buyer, Chicago-based The John Buck Co., is making its entry into the South Florida market with this land acquisition. The company is leading a joint venture partnership with Florida Value Partners, BH Group and PEBB Enterprises for the development of Miami Station, a mixed-use development that is currently entitled for 301 residential units, 244,000 square feet of office space and more than 7,000 square feet of retail space. The development is zoned for 36 stories with the potential for an additional 24 stories pending Federal Aviation Administration and Miami-Dade Aviation Department approval. Jaret Turkell, Roberto Pesant, Scott Wadler, Yoav Yuhjtman, Omar Morales and Jose Mota of Berkadia South Florida marketed the land on behalf of the sellers, BH 18 Investments LLC and Meyers Group.
GREENVILLE, S.C. — Frampton Construction has completed Upstate Trade Center, a 907,400-square-foot industrial park in Greenville, on behalf of the developer, The Keith Corp. Situated within four miles of I-85 and adjacent to US Highway 25 and Donaldson Center Airport, the speculative project took approximately 12 months to complete. Building One of Upstate Trade Center is a cross-dock facility spanning 640,640 square feet with a clear height of 36 feet, and Building Two is a rear-load facility totaling 266,760 square feet with a clear height of 32 feet. The design-build team includes architect Merriman-Schmitt Architects and civil engineer Thomas + Hutton. JLL is marketing Upstate Trade Center for sale.
VIRGINIA, MINN. — Kraus-Anderson has completed construction of Rock Ridge Career Academy High School, which utilizes a new model of education for students to explore different occupations and identify potential careers. The $122 million project, which is part of Rock Ridge Public Schools’ plans for more than $190 million in construction and demolition projects, totals 280,000 square feet and is located in Virginia, a city in Northwest Minnesota. The school offers career tracks within three different categories, including: (1) business management, administration, arts, communications and information systems; (2) health and human services; and (3) agriculture, food, manufacturing, construction, engineering and science. Designed by Cuningham Group Architecture alongside local firm DSGW Architects, the school features a variety of lab spaces as well as a pool, gymnasium, stadium, performing arts center and turf fields.
WESTLAKE, FLA. — Konover South has broken ground on Shoppes of Westlake Landings in Westlake. Upon completion, the 23,000-square-foot development will comprise two multi-tenant retail centers and a pod of quick-service restaurants. Konover South acquired the property from homebuilder Minto Communities in 2021. MEC Construction is serving as general contractor. Tenants that have signed leases at the center include Starbucks Coffee, KFC, Taco Bell, Habit Burger, 3Natives, Heartland Dental, Verizon Wireless, Go Green Cleaners and Orange Theater.